Financial Statement Preparation (Audit, Review, Compilation)

Through annual audit, review or compilations, we provide professional reports and financial statements that provide critical information to:

Board members and the association membership

Property owners

Lenders

Potential buyers

We help you determine which type of report will best address your specific circumstances and financial needs.

We use the Practitioners Publishing Company’s Guide to Common Interest Realty Associations (PPC CIRA Guide). This guide is generally accepted by accounting professionals across the country and assists in complying with industry standards.

Budget Creation and Revision

A budget is a critical part of a condominium or homeowners association’s financial oversight. A poor budget may lead to an unnecessary special assessment or delay in important maintenance work because the money is not available.

With budget creation and revision we:

Help board members project revenues and expenses.

Provide expertise for making better decisions.

Help a board manage the association’s financial affairs, to provide stability and predictability for the homeowners.

Assist in establishing a budget that will ensure you are financially prepared for repairs, replacements, and unexpected maintenance needs for your property, including driveways, landscaping, exterior painting, etc.

Produce financial statements to compare to the budget for accuracy and help the board make adjustments in spending or revenue, as needed, to keep the association in a good financial position.

Boards that invest the time to prepare a thorough budget will make their job easier throughout the remainder of the year.

Tax Compliance and Planning

We provide accounting services that assist our clients in all tax situations.

Our knowledge of real estate tax laws ensures that:

Your financial statements, reports, and tax returns are complete, accurate, and timely, to meet all your business requirements.

Your taxes meet the ever-changing codes, laws and regulations.

We specialize in tax return preparation, planning, and reduction for community associations and cooperatives. There are various tax elections and tax rules that can have a significant effect on how much tax you will pay or if you pay any at all. We can help you:

Minimize your taxes.

Minimize your risk upon an IRS audit.

Accounting Assistance

Our professional accounting assistance helps you prepare and maintain complete, accurate financial documents. This not only gives you confidence in knowing your financial records are in order, but it enables you to spend more time on other duties.

Our accounting assistance includes:

Ensuring you are entering transactions accurately.

Providing temporary, short-term help.

Bank reconciliation.

Accounts receivable and accounts payable.

QuickBooks set up and consulting.

Monthly/quarterly financial statements.

Year-end financial statements.

Accounting System Design and Support

We customize your accounting system to optimize your financial information and effectively communicate that information to decision makers. Your accounting system will consider:

Your personnel.

Your policies and procedures.

Your financial records.

The technology you have.

Your resources for operating the system.

Internal Control Recommendations

By focusing on your specific needs, we can establish internal controls to ensure your financial resources are directed, monitored, and measured and that your established policies and procedures are followed consistently.

Reserve Analysis Development

We understand that an association must set aside sufficient funds, as reserves, to cover major repairs and replacements when they are needed (including roofs, parking areas, landscaping, etc.). We can help you develop a reserve analysis for an accurate estimate of the costs needed to repair and replace major common area components of the property over long-term.

This is a very important part of your association’s operating budget and can be used as a financial management tool to:

Help balance and optimize property values and costs for the membership.

Protect members against declining property values due to lack of maintenance or stewardship.

Give owners and potential buyers a more accurate and complete picture of the association's financial strength and market value.